Provena Foods Inc.’s (Amex: PZA) sales were up 34% in the second quarter and 32% in the first half of 2001. The Company had a net loss of $98,634 for the 2nd quarter and $88,768 for the 1st half compared to net losses of $387,763 and $620,693 a year ago. The meat division accounted for the increased sales and reduced losses.
Provena Foods Inc. will forego its quarterly dividend which would have been paid September 30, 2001 to shareholders of record September 10, 2001, paying no dividend in the 3rd quarter of 2001.
CONDENSED STATEMENT Three Months Ended Six Months Ended
OF OPERATIONS June 30, June 30,
(Unaudited) 2001 2000 2001 2000Net Sales $ 7,905,495 5,892,722 15,644,176 11,820,122
Cost of Sales 7,237,991 5,790,469 14,062,144 11,314,014
Gross Profit 667,504 102,253 1,582,032 506,108
Operating
Expenses:
Distribution 290,359 274,912 614,362 554,324
General and
administrative 392,598 320,158 830,235 698,294Operating Income (15,453) (492,817) 137,435 (746,510)
Interest expense,
net (174,401) (185,898) (368,765) (346,740)
Other Income, net 44,420 34,438 103,362 61,557Loss before income
taxes (145,434) (644,277) (127,968) (1,031,693)Income tax benefit (46,800) (256,514) (39,200) (411,000)
Net earnings $ (98,634) (387,763) (88,768) (620,693)
Earnings per
share: Basic $ (0.03) (0.13) (0.03) (0.21)Diluted $ (0.03) (0.13) (0.03) (0.21)
Weighted average
number of shares
outstanding:
Basic 3,056,878 2,997,118 3,050,416 2,989,335Diluted 3,056,878 2,997,118 3,050,416 2,989,335
